Grab Holdings upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Grab Holdings to Overweight from Neutral with a price target of $3.80, up from $3.60. Despite the Street’s FY24 adjusted EBITDA forecasts rising 18% in the last three months and 56% in the last six months, the company’s share price has declined 19% from its peak reached last September, the analyst tells investors. Investors are anticipating lower earnings than sell-side consensus, but results in the first half are likely to drive positive revisions in near-term earnings expectations, the analyst contends.